Items Tagged with 'Charles Plosser'

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The board of directors of the Federal Reserve Bank of Philadelphia appointed Patrick Harker as its 11th president and CEO of the Philadelphia Fed, succeeding Charles Plosser, who retired effective March 1, 2015.

Due to the clear progress the economy has made toward its long-term goals, the Philadelphia Fed president no longer believes the forward guidance language in the Fed statement is appropriate or warranted.

The views of one Fed Bank president in particular made it through the business media’s echo chamber loud and clear on Friday, with Philadelphia Fed Bank CEO Charles Plosser suggesting a swift lifting of interest rates is needed.

What started as a clerical issue is beginning to feel more like the apocalypse. The mortgage finance industry survived the debacle of subprime mortgages, the collapse of commercial paper and market-wide liquidity locks only to be equally impacted by simple documentation errors.
And this is why: for all of the different nuances to the next end-of-the-world moment, one thing remains the same — the reaction. As the problems get smaller, the responses seem to be getting larger.

While the residential mortgage markets worry about what happens when Fed concludes its mortgage-backed securities (MBS) buy program at the end of next month, everyone else appears to be miles ahead, worrying about what the Fed Reserve is going to do with its heap-o MBS.

The recent expansion in Federal Reserve Lending to financial markets has extended well beyond the boundaries of supervision, creating instability and uncertainty for all, said Federal Reserve Bank of Richmond president Jeffrey Lacker, at a conference on monetary policy Wednesday.

The news that's perhaps getting the most water-cooler buzz in the industry right now is Countrywide's disclosure that it's having some problems with prime home equity mortgages as the housing slump continues -- to say nothing of a near 24 percent delinquency rate on the subprime mortgages it services.

This month inHousingWire magazine

President Donald Trump appointed Calabria to take the helm of the FHFA on December 12, 2018. The Senate then officially confirmed Calabria in April by a vote of 52 to 44 as head of the agency. Since then, Calabria has not been silent on his plan to reform the FHFA and the entities it oversees – Fannie Mae and Freddie Mac.